The Solana (Sol) price gradually adheres to the palpable increase of Bitcoin (BTC) and Ethereum (ETH) in the last days. Large Cap Altcoin, with a fully melted appreciation of nearly $ 89.8 billion and a 24 -hour average trading volume of nearly $ 8.8 billion, recorded a 17 percent bomb last week to trade nearly $ 173 on Friday, May 9, during the next North American trading session.
Following the increased volatility, Solana's leveraged market recorded a net destruction of nearly $ 31 million in the past 24 hours. Meanwhile, Solana's on-chains in native Perpetual Exchange It reached a high over $ 47 million in the past 24 hours, thus increasing the odds of a short squeeze.
Solana network triggers institutional investors
The Solana network attracts significant cash flow from institutional investors, led by Sol techniques, in the past few quarters. The known memecoin growth within the Solana network has helped increase the total amount locked to more than $ 8.7 billion.
As Coinpedia reports, many fund managers seek to offer Solana ETFs in the United States. In addition, the US SEC under the Donald Trump administration has accelerated its pro-crypto stance for two months compared to Gary Gensler's four-year term.
Midterm's target for sol price
From a technical stance, it is safe to say that Solana prices are under the influence of bullish sentiment. In the 2-hour timeframe, Sol price successfully rebound from a breakout of a falling logarithmic trend.
Using the 2-hour MacD line that crossed the zero line and the relative power index (RSI) above 70 percent level, the Sol price now aimed at $ 187 and $ 240 to the next. The Macro-Bullish bearing for Sol Price will fully confirm once the altcoins crossed above the 200-day transfer of the average simple (SMA).
